Aramco Shifts S-Oil Stake to Singapore Unit Amid Global Restructuring
State-owned Saudi oil company Aramco has reshaped its governance structure in South Korea by transferring a significant stake in S-Oil to a Singapore unit. On October 2, 2026, Aramco Downstream Asia (ADA) purchased over-the-counter common and preferred shares of S-Oil from Aramco Overseas Company (AOCBV) and five others. The transaction involved 71,387,560 common shares and 351,502 preferred shares, representing a 63.41% and 8.74% stake in the company, respectively.
The move is part of a global overhaul of Aramco's asset management system, aimed at streamlining groupwide management systems. S-Oil's largest shareholder has changed from the Saudi Aramco Group's Netherlands unit to its Singapore unit, but the structure controlled by Aramco remains the same. According to S-Oil, 'There is no change in Aramco's ultimate control relationship over S-Oil.'
An industry official noted that this appears to be a measure to manage Aramco's global companies efficiently by region.